Shared Economic Theology Causes Stagnation, Suffering

The
Crash of 2007 -- 2010 destroyed $10 - $13 trillion of household wealth. Then
"job creators" destroyed 8.5 million jobs. The two "stimuli" totaled less than
$1 trillion. No way that little stimulus could offset loss of 8.5 million jobs
and $10 trillion of wealth. Beyond the Treasury TARP's $700 billion bailout,
the Federal Reserve (the Fed.) recapitalized the megabanks with $16.1 trillion in near 0% interest loans (GAO
Report 11-696, 7/10 available online) or "only" $7.7 trillion (per Bloomberg News.) This enabled "too big to fail"
(TBTF) banks to make super-profits relending the 0% money at commercial rates.
Big corporations profited enormously and stock prices reflated. Banks now have
$1.4 trillion in excess reserves at the Fed. and corporations, $2 trillion
excess cash.

Corporations
know people have lost enormous wealth. We can't buy things made by new hires. Lowering
corporate taxes or repealing regulations can increase profits further, but not make
businesses hire the unemployed. If 24 million human Americans remain unemployed
or underemployed after TARP and $16.1 trillion
"emergency assistance" to TBTF banks, it's strong confirmation that corporate
welfare does not revive employment.

By
the dominant Economic Theology of both parties, corporate demigods must be
succored, human American citizens, sacrificed.
Some banks may be TBTF, but "no-account" human Americans are too little
to bail. The demigods have a permanent army of 12,000 lobbyist troops occupying
the capital. They've got a death grip on the federal government. Only under
such unverifiable theology could richly suborned Republicans bear the false
witness that austerity in general welfare programs is needed now.

It
is Unspeakable Heresy for the media to feature these numbers together as a
front page headline. Demand and employment may never return to normal unless we
jobless, house-poor human citizen people are given, through well paid jobs, a lot of replacement purchasing
power. (See "19 million Jobs for U.S. Workers," online.) Inflation from massive
job creation? Not with housing asset values and consumer credit still impaired,
and 23% excess capacity, unless by monopolistic pricing. The longer the dogma
is held, the greater the risk that the fragile, stagnant economy will be
pitched, by a new war, a great rise in oil prices, a country default, a severe
natural disaster or act of terrorism back into the Great Recession.

This author, although unknown at the time, got the same "WRONG MESSAGE" from the same Rockefeller university (U. of Chicago) as Bernie Sanders, at the same time ('58 - 62.) He was born 1940, is a white male American retired college professor of (more...)